Marks and Spencer Group PLC (LSE:MKS) has been hit by a major cyberattack reportedly linked to the hacking group Scattered Spider, causing widespread disruption across its 1,049 UK stores.
According to technology site BleepingComputer, the attack involved ransomware that may demand up to £10 million to unlock the retailer’s systems.
Hackers are believed to have infiltrated the company’s IT network in February, stealing critical data, including password files.
M&S has enlisted cybersecurity firms CrowdStrike, Microsoft and Fenix24 to help investigate, but has not provided a timeline for resolving the issue.
Shares in the retailer, up 1.2% on Tuesday, have fallen nearly 7% since news of the breach emerged.